MySpace owner News Corp has denied rumours that it is looking to sell off the ailing social network.
An article in UK newspaper The Guardian suggested that News Corp was looking to abandon the platform, and planned to put it up for sale when its $900 million advertising deal with Google expires.
Corp's digital media chief Jonathan Miller vigorously denied the rumours, saying that the company had no plans to sell the social network. Instead, he claimed News Corp was on verge of launching a revamped and updated version of the platform in the near future.
"We are definitely not in any ongoing talks for a sale of MySpace", Miller said.
Reuters reports that News Corp Chief Executive Rupert Murdoch has also denied any plans to sell MySpace.
The company is said to be in talks with Yahoo, Microsoft and Google for a new advertising deal, ready for the updated release.
MySpace has lost a number of key executives to rival platforms as the platform's user base has been eroded in recent years.